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Breaking Higher: *RES 4: 1.2418 Low Jul 23....>

CABLE
MNI (London)
CABLE: Breaking Higher:
*RES 4: 1.2418 Low Jul 23
*RES 3: 1.2382/99 Low Jul 17/50-dma
*RES 2: 1.2316 Bear channel resistance drawn off the May 6 high
*RES 1: 1.2273 Intraday high
*PRICE: 1.2253 @ 18:31 GMT Aug 22
*SUP 1: 1.2210 High Aug 6
*SUP 2: 1.2179 High Aug 20
*SUP 3: 1.2065 Low Aug 20 and key intraday support
*SUP 4: 1.2015 Low Aug12 and bear trigger
GBPUSD moved to its highest levels of the month so far following further Brexit
headlines that were positive but contained very little new news. The former key
resistance of 1.2210 has been comfortably breached which could signal a
short-term reversal and the start of a correction. This would signal scope for a
climb towards the top of the bear channel at 1.2316, drawn off the May 6 high.
To turn the short-term outlook neutral bears need a close back below 1.2210.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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